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4 03, 2016

CONSOB publishes best practices for control of tied agents

By | March 4th, 2016|Capital Markets, Finance, Financial Regulation, Newsletter|

[Newsletter n. 4]


As a result of a survey on the internal control procedures on the distribution network of financial intermediaries, on 15 February 2016 Consob published Communication n.0012130 dated 11 February 2016, which sets out certain best practices that financial intermediaries should take into account in connection with their internal control procedures on door-to-door offering […]

11 02, 2016

EU Commission plans to extend by one year the implementation of MiFID II

By | February 11th, 2016|Capital Markets, Finance, Financial Regulation, Newsflash|

[Newsflash n. 5]


Taking on board the warning from ESMA about the exceptional technical implementation challenges faced by regulators and market participants, the European Commission issued a proposal for a directive to grant national competent authorities and market participants one additional year to comply with the rules set out in MiFID II.

The proposed new deadline is […]

22 01, 2016

Borsa fine tunes the modality of cancellation of warrants

By | January 22nd, 2016|Capital Markets, Finance, Newsflash|

[Newsflash n. 5]


Borsa Italiana amended the Instructions accompanying the Rules of the Market regarding the modality of the delisting of warrants.

In order to ensure the possibility to exercise financial instruments deriving from the settlement of instruments traded on the last trading day, it is foreseen that warrants shall be delisted on the second open TARGET […]

12 01, 2016

ADR CONSOB: new consultation launched

By | January 12th, 2016|Alternative Dispute Resolution, Capital Markets, Dispute Resolution, Finance, Financial Regulation, Newsflash|

[Newsflash n. 4]


In view of a more efficient investor protection, on 8 January 2016, CONSOB launched the public consultation concerning the “Regulation on the alternative dispute resolution mechanism for financial disputes” (“ADR Regulation”).

The new mechanism envisages the creation of an entity (hereinafter “ADR Body”) along the line of the system already tested by Bank of […]

22 12, 2015

Bank of Italy on collection of savings by non-banks

By | December 22nd, 2015|Capital Markets, Finance, Financial Regulation, Newsletter|

[Newsletter n. 3]


On 19 November 2015, the Bank of Italy launched a public consultation on the draft amendments to the Bank of Italy Supervisory Rules (Title IX, Chapter 2) (“Rules”) concerning the regime of collection of savings by non-banks.

The main purpose of such amendments is to enhance the level of savers’ protection set out by […]

14 12, 2015

EC to improve retail financial services (with a light on digitalization)

By | December 14th, 2015|Finance, Financial Regulation, FinTech, Newsflash|

[Newsflash n. 3] 


Better products, more choice, and greater opportunities for consumers and businesses

On 10 December, the European Commission published a Green Paper* on retail financial services.

The paper analyses the current state of the retail financial services markets, highlighting the current market fragmentation and insufficient competition, as well as the increased impact of digital technology on […]

10 12, 2015

PRIIPs: ESAs joint consultation on RTS for KID

By | December 10th, 2015|Capital Markets, Finance, Financial Regulation, Newsletter|

[Newsletter n. 2]


On 9 December 2015, ESAs (EBA, EIOPA and ESMA) held a public hearing in Frankfurt to discuss the joint consultation launched on 11 November 2015 to gather stakeholders’ views on the draft Regulatory Technical Standards (“RTS”) on the content and presentation of the Key Information Documents (“KID“) for packaged retail and insurance-based investment products .

ESAs […]

4 12, 2015

European Regulators turn attention on “robo-advising”

By | December 4th, 2015|Finance, Financial Regulation, FinTech, Newsflash|

[Newsflash n. 2]


Today, 4 December 2015, the Joint Committee of the three European Supervisory Authorities (ESAs) – EBA, EIOPA and ESMA – has launched a Discussion Paper on automation in financial advice to assess what action, if any, is needed to enhance the potential benefits of this innovation and mitigate its risks.

Automation in financial advice – […]

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